More than 1000 Paytm Employees Laid Off!

New Delhi: To reduce staff costs by 15 per cent, One 97 Communications, the parent company of Paytm, has fired more than 1,000 employees, reported Economic Times.

This layoff was executed over the past few months in payments, lending, operations, and sales departments, affecting approximately 10 percent of Paytm’s overall workforce.

A spokesperson from Paytm disagreed with the number of job cuts reported but confirmed that they are making these changes.

According to sources, Paytm is actively incorporating AI-led automation to replace certain roles, particularly in areas affected by layoffs.

The company reportedly plans to hire approximately 15,000 employees in the coming year. It plans to expand its presence in the insurance distribution business, anticipating the creation of fresh job opportunities.

It is not known whether the company provided severance pay to the employees who were laid off or the ones who will get fired soon.